There is significant growth potential in Hungarian industry, László György, Minister of State for Economic Strategy and Regulation at the Ministry of Innovation and Technology, said on Tuesday on M1 news channel about the latest statistical data.
According to data published by the Hungarian Central Statistical Office (KSH) on Tuesday, the volume of industrial production in February was 4.5 percent higher than a year earlier. Compared to January, seasonally and working-day adjusted industrial output increased by 1.6 percent.
In the first two months of the year, industrial production was 6.6 percent higher than in the same period last year, the KSH said.
The Hungarian economy is export-competitive, which means that Hungarian companies can produce the same quality cheaper or better quality at the same price than companies in other countries that sell on the world markets, he said.
The figures may also be influenced by the fact that the government’s reindustrialization strategy announced over the past 12 years has attracted investors. This has been complemented by a patriotic economic policy in which, even during the crisis, three-quarters of subsidies went to Hungarian-owned micro, small and medium-sized enterprises to encourage investment, he said.